Greece sells 1.3 bln euros of 13-week T-bills, yield drops to 1.91 pct


Greece sold 1.3 billion euros ($1.55 billion) of three-month T-bills on Wednesday to refinance maturing issues, the country’s debt agency PDMA said.

The three-month paper was sold at a yield of 1.91 percent, down from 1.95 in a previous sale last month. The amount raised included 341 million euros in non-competitive bids.

The sale’s bid-to-cover ratio was 1.41, down from 2.17 in the previous sale.

In a rollover T-bill holders renew their positions instead of getting paid on the maturing paper they hold. The settlement date of the new bills is September 8. [Reuters]